Leuthold Grizzly Short Fund
Schedule of Investments
June 30, 2023 (Unaudited)
	Shares		Fair Value
SHORT-TERM INVESTMENTS - 59.76%
Money Market Funds - 59.76%
Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 4.985% (a)(b)		68,526,652	$	68,526,652
TOTAL SHORT-TERM INVESTMENTS (Cost $68,526,652)			$	68,526,652
	Principal Amount
UNITED STATES TREASURY OBLIGATIONS - 17.17%
United States Treasury Bill
5.243%, 10/17/2023 (c)(d)	$	20,000,000	$	19,693,115
TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $19,690,400)			$	19,693,115
Total Investments (Cost $88,217,052) - 76.93%			$	88,219,767
Other Assets in Excess of Liabilities - 23.07%				26,449,548
TOTAL NET ASSETS - 100.00%			$	114,669,315

Percentages are stated as a percent of net assets.
(a)	The rate quoted is the annualized seven-day effective yield as of June 30, 2023.
(b)	All or a portion of the assets have been committed as collateral for open securities sold short.
(c)	Rate represents the annualized effective yield to maturity from the purchase price.
(d)	Zero coupon security.
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property  of MSCI, Inc. and Standard & Poor's Financial services LLC ("S&P").  GICS® is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

Leuthold Grizzly Short Fund
Schedule of Securities Sold Short - (a)
June 30, 2023 (Unaudited)
	Shares		Fair Value
COMMON STOCKS - 78.48%
Aerospace & Defense - 2.28%
Kratos Defense & Security Solutions, Inc.		50,219	$	720,140
L3Harris Technologies, Inc.		5,954		1,165,615
Leonardo DRS, Inc.		42,164		731,124
				2,616,879
Air Freight & Logistics - 0.76%
GXO Logistics, Inc.		13,808		867,419
Automobile Components - 1.57%
Dorman Products, Inc.		7,818		616,293
Gentherm, Inc.		10,271		580,414
The Goodyear Tire & Rubber Co.		43,973		601,551
				1,798,258
Automobiles - 1.31%
Tesla, Inc.		5,724		1,498,371
Banks - 1.76%
First Financial Bankshares, Inc.		22,931		653,304
Home BancShares Inc/AR		31,032		707,530
Seacoast Banking Corp of Florida		29,964		662,204
				2,023,038
Beverages - 1.14%
Constellation Brands, Inc. - Class 1		5,328		1,311,381
Broadline Retail - 2.48%
Amazon.com, Inc.		11,333		1,477,370
Coupang, Inc. - Class A		78,283		1,362,124
				2,839,494
Building Products - 1.23%
Trex Co., Inc.		11,942		782,918
Zurn Elkay Water Solutions Corp.		23,361		628,177
				1,411,095
Capital Markets - 7.84%
Blackstone, Inc.		14,629		1,360,058
Blue Owl Capital, Inc. - Class A		52,088		606,825
Brookfield Corp. - Class A (b)		47,343		1,593,092
Cohen & Steers, Inc.		10,966		635,919
Intercontinental Exchange, Inc.		14,554		1,645,766
KKR & Co., Inc.		22,512		1,260,672
PJT Partners, Inc. - Class A		8,974		624,950
The Charles Schwab Corp.		22,293		1,263,567
				8,990,849
Chemicals - 4.39%
Albemarle Corp.		5,873		1,310,208
Avient Corp.		15,079		616,731
Diversey Holdings, Ltd.		86,809		728,327
Ecolab, Inc.		5,621		1,049,384
International Flavors & Fragrances, Inc.		8,991		715,594
Stepan Co.		6,453		616,649
				5,036,893
Commercial Services & Supplies - 0.55%
Driven Brands Holdings, Inc.		23,425		633,881
Consumer Staples Distribution - 1.06%
Sysco Corp.		16,387		1,215,915
Containers & Packaging - 1.89%
Ball Corp.		25,738		1,498,209
Crown Holdings, Inc.		7,647		664,295
				2,162,504
Diversified Consumer Services - 0.99%
Coursera, Inc.		30,837		401,498
Mister Car Wash, Inc.		76,107		734,432
				1,135,930
Electrical Equipment - 0.94%
Ballard Power Systems, Inc. (b)		109,900		479,164
Vicor Corp.		11,186		604,044
				1,083,208
Electronic Equipment, Instruments & Components - 1.70%
Coherent Corp.		11,310		576,584
Zebra Technologies Corp.		4,645		1,374,130
				1,950,714
Energy Equipment & Services - 0.54%
Helmerich & Payne, Inc.		17,333		614,455
Entertainment - 1.35%
Take-Two Interactive Software, Inc.		10,489		1,543,561
Financial Services - 0.53%
Jack Henry & Associates, Inc.		3,648		610,420
Food Products - 1.78%
J & J Snack Foods Corp.		4,610		730,040
McCormick & Co., Inc.		15,002		1,308,624
				2,038,664
Health Care Equipment & Supplies - 3.13%
Neogen Corp.		27,840		605,520
ResMed, Inc.		7,360		1,608,160
STERIS PLC - ADR		6,103		1,373,053
				3,586,733
Health Care Providers & Services - 1.25%
Guardant Health, Inc.		16,200		579,960
R1 RCM, Inc.		46,350		855,158
				1,435,118
Health Care Technology - 1.01%
Veeva Systems, Inc. - Class A		5,856		1,157,907
Hotels, Restaurants & Leisure - 1.46%
Caesars Entertainment, Inc.		16,449		838,405
Norwegian Cruise Line Holdings, Ltd.		38,628		840,932
				1,679,337
Household Durables - 1.17%
Newell Brands, Inc.		73,202		636,857
Sonos, Inc.		42,876		700,165
				1,337,022
Household Products - 0.57%
WD-40 Co.		3,473		655,181
Insurance - 1.54%
Cincinnati Financial Corp.		12,243		1,191,489
Palomar Holdings, Inc.		9,993		579,993
				1,771,482
IT Services - 0.53%
Globant SA		3,400		611,048
Leisure Products - 1.69%
Hasbro, Inc.		10,696		692,780
Mattel, Inc.		33,678		658,068
Topgolf Callaway Brands Corp.		29,384		583,272
				1,934,120
Life Sciences Tools & Services - 1.06%
Bio-Techne Corp.		7,481		610,674
Illumina, Inc.		3,198		599,593
				1,210,267
Machinery - 1.20%
Kornit Digital, Ltd. (b)		20,976		616,065
Stanley Black & Decker, Inc.		8,107		759,707
				1,375,772
Metals & Mining - 1.49%
Alcoa Corp.		13,544		459,548
Compass Minerals International, Inc.		17,792		604,928
Royal Gold, Inc.		5,649		648,392
				1,712,868
Multi-Utilities - 2.03%
CMS Energy Corp.		20,012		1,175,705
Dominion Energy, Inc.		22,253		1,152,483
				2,328,188
Oil, Gas & Consumable Fuels - 2.33%
Cameco Corp. (b)		28,115		880,843
Cenovus Energy, Inc. (b)		72,720		1,234,786
New Fortress Energy, Inc.		20,609		551,909
				2,667,538
Passenger Airlines - 2.53%
Alaska Air Group, Inc.		15,054		800,572
Allegiant Travel Co.		6,413		809,834
Southwest Airlines Co.		35,763		1,294,978
				2,905,384
Personal Care Products - 0.88%
The Estee Lauder Companies, Inc. - Class A		5,133		1,008,019
Professional Services - 4.45%
Broadridge Financial Solutions, Inc.		8,331		1,379,863
Dun & Bradstreet Holdings, Inc.		53,391		617,734
Equifax, Inc.		5,104		1,200,971
Planet Labs PBC - Class A		141,162		454,542
TransUnion		18,464		1,446,285
				5,099,395
Real Estate Investment Trusts (REITs) - 2.68%
Rayonier, Inc.		19,297		605,926
Rexford Industrial Realty, Inc.		10,047		524,654
Safehold, Inc.		19,107		453,409
Welltower, Inc.		18,349		1,484,251
				3,068,240
Real Estate Management & Development - 0.70%
DigitalBridge Group, Inc. - Class A		54,502		801,724
Semiconductors & Semiconductor Equipment - 2.85%
Advanced Micro Devices, Inc.		10,082		1,148,441
Entegris, Inc.		7,722		855,752
Monolithic Power Systems, Inc.		2,334		1,260,897
				3,265,090
Software - 4.62%
Atlassian Corp. - Class A		7,337		1,231,222
Crowdstrike Holdings, Inc. - Class A		10,375		1,523,776
Datadog, Inc. - Class A		7,808		768,151
Guidewire  Software,  Inc.		5,334		405,811
Zscaler, Inc.		9,330		1,364,979
				5,293,939
Specialty Retail - 1.04%
Boot Barn Holdings, Inc.		7,386		625,520
National Vision Holdings, Inc.		23,448		569,552
				1,195,072
Technology Hardware, Storage & Peripherals - 0.53%
Western Digital Corp.		16,156		612,797
Textiles, Apparel & Luxury Goods - 0.51%
Wolverine World Wide, Inc.		40,034		588,099
Water Utilities - 1.14%
American Water Works Co., Inc.		9,129		1,303,165
TOTAL COMMON STOCKS (Proceeds $89,181,568)			$	89,986,434
INVESTMENT COMPANIES - 22.19%
Exchange Traded Funds - 22.19%
Consumer Staples Select Sector SPDR Fund		62,781	$	4,656,467
Financial Select Sector SPDR Fund		113,075		3,811,758
Invesco QQQ Trust Series 1		13,791		5,094,671
iShares Expanded Tech-Software Sector ETF		6,694		2,315,522
Real Estate Select Sector SPDR Fund		100,025		3,769,942
SPDR S&P 500 ETF Trust		4,828		2,140,156
Utilities Select Sector SPDR Fund		55,961		3,662,088
TOTAL INVESTMENT COMPANIES (Proceeds $25,071,954)			$	25,450,604
TOTAL SECURITIES SOLD SHORT
(Proceeds $114,253,521) - 100.67%			$	115,437,038

Percentages are stated as a percent of net assets.
(a)	Non-income producing security.
(b)	Foreign issued security.

Leuthold Grizzly Short Fund

Summary of Fair Value Exposure at June 30, 2023 (Unaudited)

      

The Funds have adopted fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value.  These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period.  These inputs are summarized in the following three levels:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's net assets as of June 30, 2023:

Investments at Fair Value	Level 1		Level 2		Level 3		Total
Money Market Funds	$	68,526,652	$	–	$	–	$	68,526,652
US Treasury Bill		–		19,693,115		–	$	19,693,115
Total Investments in Securities	$	68,526,652	$	19,693,115	$	–	$	88,219,767
Securities Sold Short at Fair Value	Level 1		Level 2		Level 3		Total
Common Stocks	$	89,986,434	$	–	$	–	$	89,986,434
Exchange Traded Funds		25,450,604		–		–		25,450,604
Total Securities Sold Short	$	115,437,038	$	–	$	–	$	115,437,038